...S&P Global Ratings assigned its '##+' long-term rating to Cleveland's $45.9 million series 2022 various purpose general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating and underlying rating (SPUR) on the city's previously issued subordinate-lien income tax bonds and unrestricted income tax bonds (police and fire pension bonds), and its '##+' long-term rating and SPUR on the city's GO bonds, reflecting an additional first-lien pledge of the city's 2.5% income tax. The outlook is stable. A subordinate lien on the total 2.5% income tax secures the subordinate income tax bonds. A subordinate lien on the unrestricted portion, or eight-ninths', of the city's income taxes levied at a rate of 2.5% secures the subordinate-lien unrestricted income tax bonds (police and fire pension bonds). The series 2022 bond proceeds will be used for several capital projects and equipment. The ratings reflect our priority-lien tax revenue debt criteria, published Oct....
